A transfer by Binance US to accumulate property belonging to the bankrupt crypto lending agency Voyager Digital has been favored by 97% of Voyager’s customers.
A Feb. 28 court docket submitting exhibits an amazing majority of Voyager Digital account holders are in favor of the buyout from the United States-based arm of the crypto alternate Binance.
Bankruptcy administration agency Stretto performed the balloting of Voyager customers which polled 61,300 account holders with claims towards the embattled crypto lender.
Of that whole, 59,183 voted in favor of the Binance US restructuring plan with simply 3%, or 2,117 voters rejecting it.
The voters have been divided into 4 lessons together with, account holder claims and three classes of these with “general unsecured claims.” The latter teams additionally voted in favor of the proposal.
In December, Binance US disclosed an settlement to purchase Voyager’s property for $1.02 billion. According to the press launch on the time, the Binance US bid “aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.”
However, there was lots of pushback and quite a few objections to the proposal by the American division of the world’s largest crypto alternate.
According to a Feb. 24 court docket submitting, the Texas State Securities Board and the Department of Banking objected to the proposed deal.
It claimed the restructuring plan comprise a quantity of “inadequate” disclosures. Some of these included not informing unsecured creditors that they may only get 24% to 26% recovery rather than the 51% they would receive under Chapter 7 bankruptcy.
Related: Voyager is selling crypto assets through Coinbase, suggests on-chain data
The Securities and Exchange Commission (SEC) also objected to the move. A Feb. 22 court filing claimed the Binance US acquisition of Voyager assets could breach securities law.
On the same day, the Federal Trade Commission (FTC) started an investigation into Voyager Digital for its “deceptive and unfair marketing of cryptocurrency to the public.”